"The acquisition of the Marriott Long Wharf fits well with our strategy of assembling a 'best-in-class' portfolio of institutional quality assets located in high growth, high barrier markets," says Steven Goldman, Sunstone CEO, in a statement.

As GlobeSt.com reported at the beginning of February, Boston Properties' executives announced at a quarterly conference call plans to dispose of $500 million of properties in 2007, and named the Marriott Long Wharf as the first such disposition.

The hotel's location, near both the Financial District and the New England Aquarium, made it a desirable location. At the time the property went on the market, Matt Arrants with Pinnacle Advisory Group told GlobeSt.com that "It's in arguably one of the best locations in the city and has a strong track record and history."

Goldman echoes those sentiments, "The Marriott Long Wharf is arguably one of the best located hotels in all of Boston. The hotel's waterfront location and proximity to Boston's financial district make it the preferred location for both leisure and business travelers."

Sunstone has plans to renovation the property. Goldman says, "Since its opening in 1982, the hotel's occupancy has never dropped below 80%. We plan to renovate the guestrooms, including new case goods, soft goods and flat screen televisions, which, combined with the hotel's high occupancy, will drive rate and profitability."

With this acquisition, San Clemente, CA-based Sunstone has part in 52 hotels for a total of 17,119 rooms. The firm specializes in upper-upscale properties that hold nationally recognized hotel brand names. At the beginning of January the company purchased the 499-room LAX Renaissance hotel for $65 million. As GlobeSt.com reported, the price paid was the highest price paid per room in the submarket surrounding the Los Angeles International Airport. In December, Sunstone along with Whitehall Street Global Real Estate Limited Partnership and Highgate Holdings purchased the 460-key Doubletree Guest Suites Hotel in Times Square. Sunstone invested $68.5 million in the acquisition.